The Bank of Industry (BoI) has extended its partnership with the Lagos Chamber of Commerce and Industry (LCCI) for the development of the Micro, Small and Medium Enterprises (MSMEs) sector in the country to enhance sustainable economic growth.
The acting Managing Director of BoI, Mr Waheed Olagunju, unfolded the partnership deal in Lagos, which was signposted by a forum jointly organised by the two organisations.
Olagunju said that BoI would continue to support projects with potential to create significant jobs and value creation opportunities geared towards facilitating a robust and integrated economic growth.
According to him, BoI will drive MSMEs penetration through its cluster strategy, strategic partnership with microfinance banks and business development consultants, customer engagement and capacity building.
He said that the bank was increasing its nationwide footprints to reach more businesses through its 21 offices located in different parts of the country.
According to him, the bank’s strategic partnership of matching funds with various state governments, agencies and high net worth individuals is designed to support SMEs at five per cent interest rate.
Olagunju said that BoI had N11 billion fund in its matching fund partnership with 21 state governments.
He said that the bank was managing over 10 special funds valued at N1 trillion for Federal Government institutions and high net worth individuals under various schemes.
Olagunju was represented by Mr Yinka Adegboye, Group Head, Strategy and Corporate Transformation of the bank.
Also, Mr Sola Oyetayo, Chairman, Trade Promotion Board, LCCI, said that the partnership with BoI was strategic in building the capacity of MSMEs’ operators to the various financial opportunities and businesssupport available in the country.
He stressed that the alliance would translate to increased job creation, poverty reduction, export promotion and increased contribution to nations Gross Domestic Products.